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Post-Wedding 101: How to Organize Your Finances

May 17, 2018

Congratulations! If you’re reading this, you’re likely either “Just Married!” or oh-so-close. This time is exciting, but the list of to-do’s can also seem overwhelming. Your name has changed. Where do you even begin?

Use this checklist to get organized at Bell Bank after the big day.

1. Update your name on accounts

What you need:

Updated driver’s license (with new name) + marriage certificate, OR

Marriage certificate (showing both previous and changed name)

The details:

When’s the best time to update your accounts? Alexander Deraas, a customer service specialist at Bell Bank, says as soon as possible.

“Once you have that marriage certificate, just take care of it,” he says.

Note: you can get turned down if your debit card doesn’t match your I.D.

“Being proactive with everything – making sure it’s all up to date – ensures that won’t and can’t happen,” Alex adds.

2. Order new debit card and check blanks

What to do first:

Update your name on your bank accounts

The details:

Did you know that – unlike when your debit card just expires – anytime there’s a specified reason for a card change, your card number changes? Keep in mind you will want to update any automatic bill payments tied to your previous debit card. (Payments tied directly to your bank account should not be affected.)

In other words, if the name on your account has changed, your debit card and check blanks will need to as well. Bell’s experts can help you order both.

3. Consider separate vs. joint accounts

What you need:

For a joint account: government-issued I.D., Social Security number, address verification (e.g., from a current bill) and name change documentation (i.e., marriage certificate, if applicable)

The details:

One decision newlyweds often have to make is whether to combine finances or keep them separate.

“Quite a few people I help will have a joint account and then each have individual accounts, so they can pay their bills through the joint account,” Alex says. “I always recommend on the individual accounts to list someone, often your spouse, as beneficiary.”

4. Switch banks, if needed

What you need:

Government-issued I.D., Social Security number, address verification (i.e. from a current bill) and name change documentation (i.e. marriage certificate, if applicable)

The details:

“The process is a lot easier than people make it out to be,” Alex says. “Ideally, you make a check out to yourself. Once we have the funds, we can set up the automatic payments that were coming out of your previous bank account.”

A Bell expert will switch over as many automatic payments as possible via forms. (The remaining payments are switched by providing the vendors with a routing and account number.)

Other considerations

Get pre-approved for a mortgage.

Meet with a financial planner.

Contact your nearest Bell Bank location to set up a time to get organized. And … congratulations!